Skills Fund Loan 36 Month
Cosigners Note: Up to 1 cosigner might be required in some instances.
Origination Fee 4.0% of loan requested (1)
Interest Rate (2) Fixed
8.99% interest rate; 11.08% estimated APR
Capitalization of Interest Interest-Only Loans: Interest not capitalized unless payments not made.
Payments Required While Enrolled? Interest-Only Loans: Monthly interest payments are required.
Grace Period Two-month period after the in-school period, following official program completion, and before interest and principal repayment begins. (3)
Interest-Only Loans: Interest-only payments are required while in school and in the grace period.
Post-Grace Period Interest-Only Loans: Full repayments (principal and interest) are required.
Principal and Interest Repayment Term 36 months (3 years)

This example shows the monthly payments of a $10,000 interest-only Skills Fund loan:

Example on a $10,000 loan 36 Month
Annual Percentage Rate 11.08% (4)
Finance Charge (the dollar amount the credit will cost you) $2,371.56 (4)
Interest-Only Monthly Payment $77.91 (4)
Full Monthly (Principal and Interest) Payment $330.67 (4)
  • (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $400 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,400.
  • (2) Interest rates are fixed and never vary.
  • (3) Program completion dates are determined by the school, and full repayment begins 2 months after that date.
  • (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 4.0% origination fee, paying interest on the loan for 4 months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.